Gross national product unrevised

The U.S. economy grew at 0.6% annual rate in the first quarter, marking the slowest quarter since 2002.
MAR 27, 2008
By  Bloomberg
The U.S. economy grew at 0.6% annual rate in the first quarter, marking the slowest quarter since 2002, according to a report from the Department of Commerce. On the upside, the figure was unrevised from the previous two estimates For 2007, the GDP grew 2.2%, marking the weakest pace in five years. The GDP grew 2.9% in 2006. The economy is skirting a recession, Chuck Lieberman, chief investment officer of Advisors Capital Management LLC in Paramus N.J. said. "The economy came close to a negative quarter but didn't go negative, therefore, it may be difficult to accomplish two consecutive negative quarters to form a recession." Mr. Lieberman predicted a negative first quarter but doubts that the economy will be weak in the second. Advisors Capital Management manages $275 million in assets. Fourth quarter profits fell 3.3% from the third quarter, but increased 2.5% from the year-ago period. Spending on new homes fell 25.2% in the fourth quarter, marketing the largest drop since 1981.

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.